CANADA: Big Rock Brewery Ltd. Plans To Repurchase Common Shares
BIG ROCK BREWERY LTD. ("Big Rock") (NASDAQ : BEERF - news; TSE: BR - news) announces that it has notified the Toronto Stock Exchange and other applicable regulatory authorities to amend the Notice of Intention to Make an Issuer Bid which commenced on August 26, 1999 and terminates on the earlier of, the date all shares subject to the Normal Course Issuer Bid are purchased of, August 25, 2000.Big Rock intends to attempt to acquire up to an aggregate of 302,591 Common Shares, which represents 10% of the Common Shares in the public float. This is an additional 60,356 Common Shares from the original number of 242,235 to be acquired from the application dated August 12, 1999. As of June 30, 2000 the Company has acquired 228,900 ($6.21 average price) Common Shares leaving a balance of 73,691 shares, which can be purchased under the amended issuer bid. There were 4,844,700 Common Shares of Big Rock issued and outstanding as of August 12, 1999. The shares will be cancelled upon purchase pursuant to this bid.In the opinion of the Board of Directors of the Corporation, the market price of the Common Shares of the Corporation has recently not accurately reflected the value of those shares. Furthermore, the Corporation has the available funds from cash flow. As a result, the Corporation's Common Shares may become available for purchase at prices, which make them an appropriate use of funds of the Corporation.Purchases subject to this normal course issuer bid will be carried out pursuant to open market transactions through the facilities of either The Toronto Stock Exchange or the NASDAQ Stock Market.
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